During Address Today, President Biden Lays Out His Vision for Lowering Drug Prices by Allowing Medicare to Negotiate on Behalf of All Americans
Washington, DC — In an address today, President Biden laid out his vision for lowering the costs of prescription drugs, underscoring that health care is a centerpiece of his Build Back Better agenda. This comes just one day after Senate Democrats took bold action to ensure Americans have access to the health care they need during the coronavirus pandemic and for years to come by passing a budget resolution that includes the health care provisions being put forth by President Biden and Democrats in Congress. The pandemic has laid bare the high costs and alarming inequities in our health care system, and President Biden’s plan is a critical step forward to ensure that health care is a right, not a privilege.
Addressing the skyrocketing cost of prescription drugs is a top concern for Americans from all walks of life at a time when far too many people are struggling to make ends meet. 9 in 10 Americans support giving Medicare the power to negotiate for lower drug prices, including majorities of Democrats, independents, and Republicans. Empowering Medicare to negotiate for lower prescription drug prices for all Americans would save patients more than $150 billion and create $500 billion in savings for the federal government that could be reinvested to expand Medicare benefits to include dental, vision, and hearing, lower the cost of health insurance premiums and close the Medicaid coverage gap in the 12 states that have refused to accept expansion.
“It’s unconscionable that Americans pay three times more for their prescription drugs than people in other countries. Americans shouldn’t be struggling to afford their medications all while drug companies rake in massive profits,” said Protect Our Care Chair Leslie Dach. “Allowing Medicare to negotiate drug prices for all Americans is a win-win: patients and taxpayers save billions of dollars and the savings can be invested into expanding hearing, dental, and vision coverage to seniors, reducing health care premiums for millions of people who purchase insurance through the ACA, and covering more Americans who are currently left behind by closing the Medicaid gap.
“It’s no surprise that health care and lowering the cost of prescription drugs is at the center of President Biden’s Build Back Better agenda. Health care costs are a top concern for families, especially as COVID-19 continues to impact Americans’ everyday lives. The Democratic reconciliation legislation is the right thing to do politically and for families. Voters will hold Republicans accountable for standing by Big Pharma and other special interests and rejecting measures to improve care and lower costs for the American people.”